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10 Reasons To Hire a Coach

Reasons to Hire a coach

  1. You get the help you need to redefine your role in your company, develop clarity and establish long-term results.
  2. You will get help from someone who operates a successful business, who’s been there, who understands the language of being “at the helm” alone.
  3. Week after week you will get the help you need to make the decisions necessary to lead your company where you want to take it.
  4. You will discover new alternatives and opportunities currently available to business owners.
  5. Your frank discussions with someone not beholden to you will help you determine what you need to change as a manager and as an organizational approach.
  6. You will avoid mistakes by learning from all the experiences of my 15 years in the business of coaching businesses.
  7. You will look at everything from a broader perspective and have the support to make changes.
  8. You will begin to think more creatively and learn how to ask for input from multiple sources.
  9. You will benefit from a network of resources I, as a coach, have developed over the years.
  10. You will learn new techniques for problem solving as coaching is on the cutting edge of business change and transformation.

Reasons NOT to Hire a Business Coach

  1. All aspects of your business are highly productive
  2. You are able set goals, make plans and follow those plans to achieve your goals
  3. You think that having a coach or advisors is for wimps
  4. You have a crystal clear vision of where you are going in your professional and personal life
  5. A minimum of a 6X ROI for investing in yourself holds no appeal to you
  6. The career or business advice you can get from friends and colleagues is always in the strictest confidence
  7. You have mentors who can motivate you and hold you accountable
  8. You are currently living the life that you envision for yourself
  9. You sales team is working at high efficiency
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Benefits of a CEO Advisory Board

1. Owning a business isn’t easy. You have probably felt like you were making decisions in a vacuum?

2. Have you ever wished you had someone to talk to that “got it?”

3. Have you ever discussed important business issues with employees only to regret it later?

If you answered “Yes” to any of these questions then consider a CEO peer group. These mastermind type groups allow business owners to band together to solve common business issues.

If you find a good group, it should a) act as a sounding board or informal board of advisors, b) hold you accountable to your goals, c) allow access to other’s experiences and best practices, and d) be fun.

What is a CEO Advisory Board?

CEO Groups are company presidents, general managers and CEOs who work together as an informal board of advisors. Typically, they meet monthly and work on business issues confronting our members. The group acts as a board of trusted advisors to each other. Group members benefit in a variety of ways:

 

  • Increased accountability
  • A sounding board of business owners to bounce ideas off of
  • A strong support network
  • Access to professionals with complimentary strengths
  • Improved delegation skills
  • Better balance between work and home life
  • Increased profitability due to using best practices from other industries
  • Improved level of business expertise

What types of businesses belong?

Every variety of business. Service, manufacturing, sales organizations, minority-run businesses, female-run businesses. It is this diversity that adds to the value.

Shouldn’t I want a group with people in my industry?

No! Your industry has inbred thinking. What it takes to break things loose is ideas from people who don’t know all the “unwritten rules” of your industry. We have seen it over and over, all the great ideas are from the people far outside your industry.

Aren’t the groups full of people who are struggling?

Absolutely not! Every business has the occasional crisis. However, typical group members are the successful CEOs who want to be even more successful. Groups are full of bright, driven men and women. For instance, in one specific market example, a group consists of three MBAs, a PhD., an attorney/MBA, two Ernst and Young Entrepreneur of the Year Finalists, a Statewide Blue Chip Award Winner, and a publicly traded company (NASDAQ).

Have you participated in a CEO Peer Group or Shared Advisory Board?

– 33% No.
– 19% No, I have only done those Chamber of Commerce-type meetings.
– 33% Yes, I currently participate.
– 14% Yes, but I no longer participate.

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Fatal Error #27: Do They Graduate or Quit

You are going to hate me for this one because I am going to tell you that you should WANT your best people to leave you. No, I am not nuts. I am simply a pragmatist.

Think about it. If you have a true superstar, that once every 10 year person… can you really afford to pay him or her once he/she reaches their potential? Be honest – you can’t!

Therefore, you either hold them back in hopes that it takes them longer to figure out they have more potential than you can provide, or they leave on bad terms because they realize you are trying to hold them back.

Here’s a better option: You let them grow as fast as they can. You harness the power of their rising stardom. You nurture and grow them and pay them as much as you can as long as you can. Then, you help them get that better job and celebrate it.

Now you have undying loyalty and gratitude from an employee that knows they could not have gotten there without you.

Think I am nuts? Accounting firms have done this for years. They hire the best and brightest out of school in huge numbers, knowing that only a fraction of them will be working there in 5 years. Then they work hard to help these young auditors get jobs at their clients for big raises and big promotions. Why? Because guess who the auditor will be for that client?

Here’s the bottom line: Ask yourself, do your best people quit you or do you graduate them? There is no 3rd option. If they are quitting you, you are failing them and yourself. You can do better for them and your company will prosper as well.


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